Working Kentuckians will notice a slight bump in their first paychecks of 2023, thanks to House Bill 8 from the 2022 legislative session, which puts Kentucky on a path to gradually reduce its personal income tax. This change took effect January 1, 2023, and lawmakers are expected to consider a similar measure this year that could reduce the tax by another half percentage point by Jan. 1, 2024.

For Kentuckians earning $50,000 in taxable income, the result of a one percentage point decrease equals close to $500 per year added to their paycheck. If you earn more than that, the savings would increase proportionately.

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